Tuesday, May 8, 2012

The $500 Coffee Mug With 12% Interest

I love my bank. It is small, locally owned, has free Atm withdrawals no matter the network, and I have a small beef with them. Whenever I come in to withdrawal cash for my families weekly expenses I am solicited for a new credit card. I must preface that the people that know me in the bank don't offer this because they know my debt assassin stance. But, every now and then I have a new teller help me. Today was one of those days.

"Mr. Williams would you like to open a new credit card today?", I say no thanks. She immediately responds with, "You get a free coffee mug when you do". I politely tell her I appreciate the offer of a $500 coffee mug with 12% interest but today I will pass. The teller responds to me saying that she can't believe people actually do open the account just to get the free mug. I have to tell you I was one of those people before becoming a debt assassin.

I would sign up for all kinds of cards just to get free junk. Probably the worst thing I ever got was when I was in college,it was a $500 beach towel with the Visa logo on the towel. My towel eventually cost me about a grand over a five year period.
What is the dumbest thing you ever received for signing up for a credit card, and how much did that "free gift" cost you in the long run? Post in the comments and let me know.

I've been blessed to always pay off my CC bills monthly. My mom suggested I try making a partial payment when I was in college. The following month when I saw that $7.19 (or whatever it was) in interest I immediately paid it off and never made payments again (unless it's been a 0% deal when I'm borrowing someone else's funds for free).